Lopez-led First Gen Corp. will bring in up to $80 million in initial investments to jumpstart its fresh venture in the Indonesian market.
Francis Giles Puno, president and chief operating officer of First Gen, said that aside from its expertise in the geothermal space, the group would likewise pour money into its partnership with PT DSSR Daya Mas Sakti, part of the Sinar Mas Group.
"Immediately, the first phase is probably around $30 million," he told reporters in a recent event.
Development costs, which include drilling, meanwhile, may range from $30 million to $50 million.
According to First Gen Corp. vice president and Energy Development Corp. (EDC) chief finance officer Erwin Avante, the group was lining up an initial portfolio of six geothermal projects.
To recall, FirstGen Geothermal Indonesia last month entered into a pact with DSSR to further unlock Indonesia's geothermal power.
EDC
PT FirstGen Geothermal Indonesia is a unit of EDC, which serves as First Gen's renewable energy arm. It has solar, wind and geothermal power businesses.
